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Village Roadshow teams with CITIC for theme park JV
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AUSTRALIA-BASED Village Roadshow Ltd, operator of the country's biggest cinema chain and several theme parks, said today it will form a US$500 million joint venture with China's CITIC Trust Co to invest in theme parks on the mainland.
Village Roadshow said it signed the deal after two years of negotiations, describing it as a "major milestone" in its plan to expand its footprint into China and East Asia, Co-Executive Chairman and Co-CEO Robert Kirby said in a statement.
Kirby said its subsidiary will have a 49 percent stake in the new fund management firm, while CITIC, one of China's biggest financial conglomerates, will own the remainder.
The companies are also setting up a separate company to design, build and operate new theme parks in China. Village Roadshow will hold a 60 percent stake in the venture with CITIC owning the remaining stake.
CITIC was not immediately available for comment.
The initial commitment of up to US$25 million each will be contributed as projects advance over the next two to three years.
A potential theme park development had been flagged for Chengdu, home of the giant panda. Other opportunities include in southern China, as well as Johor Bahru in Malaysia and South Korea, Village Roadshow said.
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